In an announcement that shakes up the NFT space, the OnChainMonkey NFT Collection is making a bold transition. The collection moves its vast array of 10,000 NFTs from Ethereum to Bitcoin. As first reported by MuntelegraafThis massive transition will take several months and is a testament to the overwhelming confidence the community has in Bitcoin’s unparalleled security and decentralization mechanisms.
Deciphering the bold move
Metagood CEO Danny Yang revealed this impending transition on Sept. 7. He emphasized that their main collection, OCM Genesis, will transition from the realm of Ethereum to that of Bitcoin. The OnChainMonkey Collection, originally launched on Ethereum in September 2021, is making this move mainly because of the unanimous community sentiment. They wholeheartedly believe in the security and decentralization features that Bitcoin Ordinals offers over Ethereum.
Yang emphasized this sentiment, saying, “The Bitcoin Ordinal protocol clearly outperforms the Ethereum NFT protocol in terms of decentralization and security. This paves the way for high-quality NFTs to really shine on Bitcoin.” A monumental 99% of OnChainMonkey token holders endorsed this shift, highlighting their shared belief in the benefits of Bitcoin.
Switching isn’t easy, though. Metagood expects significant expenditures, which could exceed $1 million, to ensure that this migration goes smoothly.
Bitcoin Ordinals is a big deal. I have been building Bitcoin for over a decade and Ordinals is the most important development in recent years. Don’t get distracted by the monkey jpeg talk, and learn why the Ordinals Protocol is important. ????????
— Danny Huup (@huup) June 20, 2023
Preservation of heritage and authenticity
Amid the complexities of this process, every newly crafted OnChainMonkey on Bitcoin promises to have a clear lineage stretching back to its Ethereum counterpart. To accomplish this, holders will receive the corresponding Bitcoin Ordinal once they decommission their Ethereum NFT.
Yang also revisited Metagood’s previous ventures to demonstrate their skill at performing such tasks. He noted, “Our pioneering efforts include enrolling 10,000 images of a collection on Bitcoin, initiating a parent-child collection with OCM Dimensions 300, and pioneering recursive inscriptions on Bitcoin.”
Still, Ethereum continues to reign supreme in the NFT market. According to recent data from CryptoSlam, Ethereum leads the way with a whopping $236.8 million in NFT deals in the past month. Although Bitcoin is making commendable progress, it currently ranks sixth with $11.1 million.
However, Yang is positive about Bitcoin’s prospects. He envisions a vibrant Bitcoin-focused NFT ecosystem and believes that both Bitcoin and Ethereum have the potential to coexist and prosper.
Ordinals is an elegant protocol and, like Bitcoin, both simple and powerful.
Snapshot of the current market
Currently, OnChainMonkey NFTs are trading at an average base price of 1.10 Ether (ETH). They have amassed an impressive transaction volume of over 20,550 ETH since debuting on the illustrious NFT marketplace OpenSea in September 2021. Notably, a whopping 31% of the 2,900 OnChainMonkey NFT enthusiasts are unique, as stated by OpenSea.
The transition was further facilitated by the introduction of Ordinals and BRC-20 tokens early this year, a development following the successful Taproot soft fork in November 2021.
TL; DR: As first brought to your attention by Muntelegraaf, The OnChainMonkey NFT Collection transfers the full range of 10,000 NFTs from Ethereum to Bitcoin. Community confidence in Bitcoin’s security and decentralization features fuels this move.